Close to buying an Interval timeshare...is this a good deal?

[moopdog]

I am still a little confused by the whole thing, but a co-worker is selling her timeshare and we're pretty interested, as we spend tons each year on renting a condo.

It's through Interval International and the deed is at Williamsburg Plantation (which we'll prob never go to), for the last week in Jan (which we'd never want). But the annual maint. fees are less than $400 and then there's a fee called membership fee which is $133. To use a different location it is $139. So in the end we're still spending around $700 per year for accomodations - which will be a savings to us. The cost of the timeshare is around $4000 and it's for a 2 bedroom. But.... I don't understand the concept of one float week and one deeded week. She said it means you have a week each year. But even she admits she didn't understand it that well.

Please explain this to me if you have a grasp for it.

Are there better deals out there and if so...where? Thanks in advance.

 

[msmayor]

What you really need to know is just how strong the trading power is of that timeshare. You say you'll never stay there at that time of year...well lots of other folks may feel the same way and that reduces the trading power you have.

You may not be able to trade for a week in a prime location at prime time when you are effectively 'offering up' a week in Virginia in the winter.

There's a board out there that I've heard about for timeshare owners...if you google up timeshare user group you'll find it. I'd suggest posing your questions there and learning AS MUCH as you can before agreeing to any deal.

I'd also want to know why is your co-worker selling it...

 

[*Flower*]

Keep in mind that ALL of these fees WILL go up. Maybe not a lot, maybe not every year- but they will.

When we bought our timeshare (not DVC), our 'dues' was $150 a year for 1 week. We only bought 1 week- it cost $3000, and we used it every year until we got too far away from it.

By the time we sold it, the 'dues' had risen to $350 a year and was about to go up again. And there were other fees, like RCI membership- timeshare exchange fee, and it goes on.

You might want to take a look at eBay and check out their 'timeshares for sale' category to see what the real value is in some of them. A friend of mine at work bought one for $400 and is happy with it. Another friend of my at work was trying to sell his in-laws' timeshare in the Caribbean for $30,000. It never got sold.

Think well on it- I don't think that it will be going anywhere anytime soon.

HTH!!

 

[HM]

I don't think that is a good deal. Keep looking for something to buy in s place you would go to.

 

[englishteacha]

I'm sure it depends on where you vacation, but we can rent a 3 bedroom condo from an owner in Orlando for $50-75 a night. So that's $525 a week on the high end. I know if I wanted to go to the beach in Maine midsummer that I couldn't get a condo for $525, but you likely couldn't trade your "winter in Virginia week" for a high-season week, either. You also need to figure in the cost of the timeshare itself. If the timeshare is $4000, divide that initial cost by the number of years you'll have the timeshare. 10 years? That adds $400 a year to your $700 costs. 20 years? Add $200 a year to that $700.

 

[starry_solo]

My advice:

1. Don't buy the timeshre from your co-worker. If you don't ever intend to stay at that specific timeshare, look for very cheap resales (some people will even give you their timeshare to get out from having to pay any maintenance fees forever).

2. Contact the timeshare / management company for the timeshare where you plan to stay. A lot of times, there are owners willing to rent their weeks and sometimes the management company (I used to work for a subsidiary of RCI and there were always plenty of people wanting to rent out their time/week).

3. There are two types of "weeks" for timeshares. Fixed week - which means it's the same week every year and floating week - you are only guaranteed one week per year and it could be any time of the year. Although, there are different seasons/prime and low so, depending on the deed, you could really only get one week out of 13 or 26 weeks (rather than 52 weeks per year).

4. Remember the old saying: money and friends/family/co-workers don't mix. What if you end up disliking the timeshare experience? Would you get mad at your co-worker?

 

[Judique]

I am still a little confused by the whole thing, but a co-worker is selling her timeshare and we're pretty interested, as we spend tons each year on renting a condo.

It's through Interval International and the deed is at Williamsburg Plantation (which we'll prob never go to), for the last week in Jan (which we'd never want). But the annual maint. fees are less than $400 and then there's a fee called membership fee which is $133. To use a different location it is $139. So in the end we're still spending around $700 per year for accomodations - which will be a savings to us. The cost of the timeshare is around $4000 and it's for a 2 bedroom. But.... I don't understand the concept of one float week and one deeded week. She said it means you have a week each year. But even she admits she didn't understand it that well.

Please explain this to me if you have a grasp for it.

Are there better deals out there and if so...where? Thanks in advance.

You are on the right track by buying resale.

But - I wouldn't buy a January week at Williamsburg.

If you would never want to use that week, that's a clue that it is not a desirable week.

First look at what you would use - where you would vacation.

Then consider whether that price saves you money or gives you an edge to get the time you want.

Check out Redweek.com and timeshare users group - TUG for short.

Do research and ask a lot of questions before you commit to a timeshare.

 

[ilovemk76]

Why is the co-worker selling?

ITA do not buy from a co-worker.

 

[mrsstats]

My suggestion is to go look at the tug website and read the information there. Also, look at the timeshares for sale on tug. I also agree with the others, buy where you would want to stay. Then if you can't trade for some reason, you wont be unhappy.

I don't see any reason not to buy from a co-worker. We sold ours to my DH's boss with no problems at all.

 

[disneylover1988]

I dont think this is good offer

 

[usnuzuloose]

I have a different time share, but they just switched to inteval from Rci for being able to exchange. I dont know anything about the company. I found out that I need to do an exchange with them for a local place and the points we need are outragous. I guess I wont be doing exchanges with them.

 

[claytonsmama]

we own at williamsburg plantation (week 49), which we have never used since we purchased in 2002. we also belong to II. we have never had a problem trading/depositing and getting what we wanted. we have used it to trade into orlando each time for the past 10 years.

i do agree with other posters about maint fees. when we first bought they were around 199 and now are up to 350. we were told that they "never go up"...yeah right.

as for the purchase price, we bought directly from the resort and payed a lot more than your co worker is asking. i do not know anything about buying resale, sorry. our timeshare is deeded for life however, unlike others that you get 25 years or so.

hope this helps

 

[LoveBWVVBR]

That's too $$. I have an awesome Interval trader (Foxrun, week 31) that I got off of Ebay for like $700. You can do way better for a good Interval trader. Check Ebay and TUG2 once you know what you want.

ETA - I fully, totally disagree w/"buy where you want to stay". That cheapie Foxrun resale (we've never stayed there) has netted us AMAZING trades AND bonus weeks every year that we've owned it. This year we have Marriott Lakeshore Reserve booked in a 2 bedroom for a summer week so DD can go to SeaWorld camp again. It trades amazingly well for Marriott. We also own another timeshare strictly for trading (also bought for pennies on the dollar on Ebay).

 

[bethy]

Do not buy this it is not a good deal.

The learning curve for timesharing is steep - even for DVC. Please educate before you buy a timeshare - even if if were "free".

Timesharing can work well for a select few people for select reasons if they really understand how the system works. Or it can work great for someone who truly wants to go to the same place year after year for 50+ years in a row and the place is run by a reputable company and the upfront cost is reasonable (i.e. purchased resale.)

Please educate yourself first!

 

[amandaC]

There a lot of boards specifically dedicated to timeshares- google timeshare usere's group. Also, you can try posting on the DVC board here. I only own DVC, but many on that board also own elsewhere.

I love my DVC, but you really need to know how timeshares work before you buy!

 

[arihillfarm]

I am still a little confused by the whole thing, but a co-worker is selling her timeshare and we're pretty interested, as we spend tons each year on renting a condo.

It's through Interval International and the deed is at Williamsburg Plantation (which we'll prob never go to), for the last week in Jan (which we'd never want). But the annual maint. fees are less than $400 and then there's a fee called membership fee which is $133. To use a different location it is $139. So in the end we're still spending around $700 per year for accomodations - which will be a savings to us. The cost of the timeshare is around $4000 and it's for a 2 bedroom. But.... I don't understand the concept of one float week and one deeded week. She said it means you have a week each year. But even she admits she didn't understand it that well.

Please explain this to me if you have a grasp for it.

Are there better deals out there and if so...where? Thanks in advance.

Are you sure this a 2 bedroom only? We've traded into Williamsburg Plantation and looked into buying there. All of their units are 4 bed/2bath lockoffs and some on the resale market are annual and others are every other year. Based on the maint. fee that you quoted (under $400/yr), this sounds like a 4 bedroom unit with every other year usage, probably why your co-worker called it a 2 bedroom. Owning this would allow you to "split" that one week 4 bedroom unit every other year into a 2 bed. week every year. Basically, you'd have the Jan. week "fixed" for your usage year for a 2 bed. and could reserve any other available week in a 2 bed. for your non-usage year or you could use the whole unit every other year.

With that said, we thought WP was very nice and has very reasonable maintenance fees for the size of the units and the amenities on property. We pay $700 a year for a 2 bed/2 bath timeshare in Orlando. I'd much rather own at WP (which we would use at least occasionally) for 1/2 the maintenance fees of what we pay now!

Here is a listing on TUG of what is currently for sale or rent at WP through TUG, http://tug2.com/RnR/TabResortClassifieds.aspx?Tab=C&ResortGUID=5524d27b-9ea1-4388-ac7f-8d1cd95f87d0 and I think your friend's asking price of $4K is high.

The Foxrun timeshare that a previous poster mentioned, there are several that are free or nearly so on TUG. Might have to ditch that Orlando week and get one of these!

-Astrid

 

[hsmamato2]

I think timeshares can be a good deal, but ONLY if you understand how they work. And,since I've been studying them for about 3 years,I've learned one thing,they all seem to have their own rules. So keep that in mind.... Also- research and then research some more before buying. Do you want to commit to this? you have to pay it yearly,whether you can afford it or not. You have to pay,whether you use it or not. (too much commitment from me)
TUG boards are a good source of info.

 

[maciec]

Not a good deal. You can do better. Definitely go to TUG and research. You need to learn a lot more before you buy.

 

[robsmom]

I have become very anti-timeshare. My FIL has one that he can not sell. It is a week in Orlando in early december, and not in a bad location. The problem is what was noted above, you can rent for a week for less than the annual fees add up to. I view the Timeshare as a liability not an asset. He is currently defauting on his payments, because he just does not want it anymore but there is zero way out of it other than to let them forclose on it. Fortunately he very elderly and living with us, so credit rating is not an issue for him if they forclose on him! Think now about whether you want this in 40 years and want to be forced to pay for something you can not longer use for the rest of your life!!

 

[swilshire]

We love our timeshares and definitely save money over renting. The cheapest rentals are off-season, and we are tied to school schedules.

The purchase price you mention is way over the current market price. You could probably find something better for free.

It is good to buy where you want to use because you save exchange fees. Our week 52 (typically between Christmas and New Years) Mystic Dunes is perfect for family Disney vacations. You can also do well trading if you have relatively low costs. I like RCI much better than Interval International, however.

The suggestions to do research on www.tug2.net and www.timeshareforums.com are spot on.

Sheila